Boskalis jaarverslagen 2011

Maritime Infrastructure

Maritime infrastructure-related services and projects, including the construction of quay walls, jetties, breakwaters, water purification systems, sewer systems, dams and bridges. Industrial construction including power stations and desalination plants.

    2011   2010*
(in EUR millions)        
Revenue   4.0   9.1
Operating profit   -40.7   -36.0

Revenue

Revenue from the Maritime Infrastructure segment is realized through strategic partner Archirodon, in which Boskalis holds a 40% stake. Archirodon is primarily involved in realizing maritime and civil engineering works, for clients in, for example, the oil and gas sectors and electricity industry, in the Middle East and North Africa, with Saudi Arabia as its main market. Archirodon’s revenue declined during the year under review, mainly as a result of the domestic unrest in Egypt and particularly Libya. This led to work on ongoing projects being temporarily suspended or halted. Boskalis’ share in Archirodon’s revenue was EUR 197 million (2010: EUR 265 million).

Segment result

Despite the decline in revenue and the negative impact on the result from the aforementioned developments in Egypt and Libya, operating profit rose in 2011. This was thanks to the generally good to very good results on the projects in the other countries in the region where Archirodon is active. They included work on ports and quay walls in Kuwait and Qatar and on railroads, power stations and desalination plants in Saudi Arabia. Archirodon contributed EUR 30.4 million to the operating profit
(2010: EUR 28.9 million).

Order book

Partly due to the influence of the developments in North Africa, the order book declined to EUR 410 million (our 40% stake; end-2010: EUR 486 million).

Added to My report add to My report Source: Annual review 2011, Report of the Board of Management, page 39